Cryptocurrency prices are trading with positive momentum on Monday, with Bitcoin last trading with gains of about 3.0% in the last 24 hours in the $23,700 area, according to CoinMarketCap. The world’s largest cryptocurrency has been able to hold above $23,000 all weekend since its brief dip to $22,800 last Friday after strong jobs data.
“If Bitcoin can hold onto the $23,000 level, that could be very promising for the medium-term outlook,” argued Edward Moya, Oanda Senior Market Analyst Americas on Monday, before adding that Bitcoin “could see further bullish momentum on the break of the $25,000 level”. Alternative.me’s widely followed Bitcoin Fear & Greed Index remained at 30 on Monday, leaving it well within the territory of “Fear”.
But should bullish momentum continue, this will be expected to rise in the coming days. Optimism about the US economy not being as bad as feared in July following last week’s ISM PMI survey data and jobs figures is being cited as propping up risk sentiment on Monday. Ethereum was last changing hands in the $1,730s, and eyeing a test of recent highs just under $1,800. A break above here could clear the way ot a quick surge above $2,000.
The world’s second-largest cryptocurrency by market cap was last trading with gains of about 3.0% in the past 24 hours, according to CoinMarketCap. Other major altcoins like BNB, XRP, ADA, SOL, DOT and DOGE are all trading with gains in the region of 2.0-6.0% over the same time period, reflective of the upbeat tone to sentiment.
Inflation remains at the front of investor focus next week with the release of US Consumer Price Index data for July on Wednesday. Headline CPI is seen rising at a rate of 0.2% MoM and 8.7% YoY in July, down from 1.1% and 9.1% respectively in June. Meanwhile, Core CPI is seen rising 0.5% MoM and 6.1% YoY versus June’s 0.7% and 5.9% respective readings.
The drop in headline price pressures would be a welcome validation of peak inflation hopes and this has the potential to boost sentiment in cryptocurrency markets. Elsewhere, Ethereum developers are set to implement the “Merge” from Proof-of-Work to Proof-of-Stake on the Goerli testnet next Thursday.
This is the final of Ethereum’s major testnets to undertake the merge prior to the planned mainnet merge in September. Success could boost ETH sentiment. Elsewhere Monero is scheduled to update its network next Saturday. Investors will also be monitoring Coinbase Global earnings on Tuesday.
Bitcoin is trading with “extreme discount within an enduring bull-market,” Bloomberg Intelligence senior commodity strategist Mike McGlone said over the weekend. McGlone cited the fact that Bitcoin “reached the lowest ever vs. Its 100-week moving average in July” and argued that “Bitcoin is well on its way to becoming global digital collateral in a world going that way”.
Polygon Studios over the weekend announced a Coca-Cola digital collectible drop via the Polygon blockchain ecosystem.
Experience the real magic of friendship!@cocacola just launched first-of-a-kind, generative, and shareable collectibles #onPolygon to celebrate International Friendship Day.
— Polygon Studios (@polygonstudios) August 7, 2022
Coca-Cola has reportedly created more than 4,000 digital collectibles, starting on International Friendship Day 2021. The soft-drinks company has celebrated a series of cultural moments with digital collectibles, including International Friendship Day 2021, International Burger Day and International Pride Day.
Polygon was also recently selected as one of six companies for Disney’s Accelerator business development program. “For Polygon and MATIC, collaborations and partnerships with companies such as Disney and Coca-Cola can only be positive,” argues FX Empire Head of Crypto Analysis Bob Mason.
Major global cryptocurrency exchange Crypto.com announced at this week’s annual Korea Blockchain Week (KBW) 2022 that it had achieved two key regulatory milestones in South Korea after purchasing two approved local companies to provide access to payments in the company.
Crypto.com has acquired payment services firm PnLink Co. Ltd and digital asset service provider OK-BIT Co. Ltd. These firms both already have regulatory approval under the Electronic Financial Transaction and Virtual Assets Service Provider Registration acts, respectively.
In a statement on Twitter on Sunday, Crypto.com’s CEO Eric Anziani said “today we announced that we have secured both payment and crypto registrations in South Korea, one of the most advanced crypto markets globally”.